. Selected data for PRIME Sales appear below: Sales....... Cost of goods sold........... Inventory at end of year... 40,000 Accounts receivable at end of year.. 25,000 2020 2019 $845,000 $760,000 ..400,000 350,000 50,000 $35,000 All sales are made on credit. Instructions: Calculate for 2020 Receivables turnover (use up to 2 decimal places)
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
- The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). %Vaughn Company reported the following balances at June 30, 2022:Sales RevenueSales Returns andAllowancesSales DiscountsCost of Goods Sold$164007002907500 Net sales for the month is $ 16400. $7910. $15700. $15410.
- From the following information regarding the year to 31 August 20X6, what is the accounts payable payment period? You should calculate the ratio using purchases as the denominator. $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Trade accounts payable at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 daysThe following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000Use the following information: Net sales $ 245,000 Cost of goods sold 176,000 Beginning inventory 54,000 Ending inventory 44,000 a. Calculate the inventory turnover ratio. (Round your answer to 1 decimal place.) b. Calculate the average days in inventory. (Assume 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) c. Calculate the gross profit ratio. (Round your answer to 2 decimal place.)
- The following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales, P185,000.00; Sales Discount, P5,000.00; Cost of Goods Sold, P80,000.00; Operating Expenses, P40,000.00. a. How much is the net sales? b. How much is the gross profit? C. How much is the net income?Required information ($ thousands) Net sales Cost of goods sold Current Year $ 885,182 396,513 Current Year: Prior Year: Determine the Prior Year and Current Year trend percents for net sales using the Prior Year as the base year. (Enter the answers in thousands of dollars.) Prior Year $ 456,779 137,643 Numerator: Trend Percent for Net Sales: Denominator: Trend Percent 0% 0%Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts of $15,700. Calculate cost of goods sold based on $82,400 beginning inventory: $264,000 cost of goods purchased; and $94,800 ending inventory. Refer to Problems 7 and 8. Calculate gross profit.